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This Is AMC Entertainment’s Most Risky Proposal Yet

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The theater owner has come up with some interesting ideas, but this may be the most outlandish of the lot.

When it comes to selecting the most speculative AMC Entertainment investments, investors have a lot of options.

Is it a company willing to accept cryptocurrency as payment, or is it creating its own cryptocurrency? Maybe it’s a joint venture with another meme stock, like GameStop? (NYSE:GME) Isn’t it extreme to refuse to answer Wall Street analysts on earnings conference calls in favor of taking questions from tiny, individual shareholders? Adam Aron, the company’s CEO, did answer a question from an analyst during its third-quarter earnings call on Wednesday.

I believe that AMC genuinely embracing all of those concepts is very wise because it must continue to attract moviegoers to its theaters if it wants to get out of the deep hole it’s in. Maintaining a close relationship with small investors will certainly assist in narrowing the gap.

There is, however, a potential drawback to following every demand made by your consumers. Aron also said AMC is considering a number of other risky alternatives, including betting that the stock market will improve in order to shore up its finances. Even if it does, this move would jeopardize AMC’s fragile economic recovery.

AMC wants to get back into the content production business, and it’s considering investing in films that would be shown exclusively at AMC theaters. However, it’s a horrendous idea, just as much as it was the last time AMC attempted it.

Lights, camera, action!

Aron explained to investors that AMC’s previous raising of nearly $1.2 billion earlier this year gave the company significant flexibility in using the money to rebuild the business, one of which could be to produce its own movies.

He noted that AMC had been a 50% owner of Regal Entertainment’s Open Road Films, which won Academy Awards for best picture and best original screenplay in 2016 with the film Spotlight.

“It’s fascinating to think about if AMC would fund content now that there is such a buzz around it,” stated Aron, noting how much interest there is in media companies creating content these days. “The possibilities are endless. Will AMC fund unique content that can be viewed just at our own screens? These are all things we’ll have to look into in 2022 and beyond.”

He neglected to mention, however, that AMC had stopped producing material because it had lost a significant amount of money as a theater operator.

A box office failure 

In 2011, AMC and Regal formed Open Road Films as a joint venture. The company’s first offering was Killer Elite, in which Jason Statham and Robert DeNiro played the leads. It floundered with this one. On a $70 million budget, it earned roughly $57 million in worldwide box office earnings.

Its next film did much better than the first. Liam Neeson’s thriller, The Grey, made almost $80 million worldwide on a budget of $25 million. However, despite the fact that Spotlight’s outstanding success brought in less than $100 million at the box office, AMC and Regal were unable to turn a profit.

The theater owners had collectively amassed over $90 million in losses from the time of the studio’s creation until its sale six years later, and they were unwilling to spend any more money into the business.

In the end, $28.8 million was paid for Open Road, and AMC received half of that sum in exchange for its 50% ownership stake.

Regaining lost ground

AMC announced that for the first time since the fourth quarter of 2019, practically all of its 1,000 movie theaters were operational and open at the end of March.

In the third quarter, 40 million people were entertained, and while revenue of $763 million was clearly far greater than what it earned in 2020, it had come back to almost even with the $797 million it earned two years ago.

Even so, it is still incurring significant operational losses, despite the fact that they have decreased considerably to $145 million this year from $675 million last year (it only made a $21 million profit in 2019).

Now is not the time to put a lot of money into a tough business, which Aron already understands all too well.

Bring down the lights

I appreciate AMC’s openness to ideas from its shareholders and the way it is considering ways to enhance its position past simply the movie screen, but resuming content production may stall the upward momentum it is beginning to see.

The theater owner must terminate this plan. It’s more likely to be successful with its own AMC cryptocurrency than with this one.

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A YouTuber from Utah has been arrested and charged with accepting fraudulent claims from AAA.

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A hurricane man known for a popular YouTube channel called “Matt’s Off Road Recovery” has been charged with insurance fraud and accused of defrauding AAA through his firm, Winder Towing.

The arraignment for Matthew David Wetzel, 46, who was charged in late October with one count of making a false or fraudulent insurance claim, a second degree felony, is scheduled for next week. AAA is accused of paying more than $15,000 to Winder Towing in order to cover allegations made with known misrepresentations between January 2019 and August 2020.

According to charging papers, the Utah Insurance Fraud Division was contacted by a consumer with a complaint about AAA. After an investigation, the division determined that many of the claims made to AAA had significant errors regarding the claimed services or tow locations, according to court documents.

In one case, AAA covered three claims for a vehicle tow to Salt Lake City, totaling $2,800. The claim recipient told the Utah Insurance Fraud Division that his automobiles were not towed as he had stated in the claims. The individual agreed to receive construction supplies from Wetzel and the unnamed person submitted claims to AAA instead of paying Wetzel directly, according to the allegations.

According to the allegations, Wetzel accepted responsibility for fraudulent claims in a phone conversation, stating that he had supplied towing services to the individual on separate occasions and asking him to file an AAA claim rather of requesting payment or billing the customer at the time of service.

According to the complaint, Wetzel also allegedly stated that he would provide services without immediately billing the person, then later ask them to submit a claim.

“According to the investigator, Wetzel said he never completed a project that did not have a real service associated with it,” according to the report.

In another case, charging documents claim that Wetzel assisted with a tow for someone who did not have an AAA membership. According to the complaint, Wetzel advised the individual to join AAA, wait a few days before filing a claim, and so on. The paperwork claims Wetzel advised the customer to obtain an AAA membership, wait a few days before filing a claim, and so on. According to authorities in Apple Valley, California, charges were filed for a tow from Las Vegas to Washington County when the actual tow was from Apple Valley.

The third instance of fraud charged in the accusations was for an off-road tow of a Polaris RZR, which is not covered by AAA, according to the document. The owner of the RZR reportedly utilized his buddy’s AAA membership and stated that Wetzel’s business towed a truck rather than the RZR.

Video of the tow and Wetzel speaking to the owners was recorded, according on the paper, then posted to Wetzel’s YouTube channel, which features videos of off-road tows.

The channel has nearly 900,000 subscribers.

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A Norwegian YouTuber is said to have perished after tumbling into a lake while on a filming journey — only days before his 57th birthday in a video.

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According to reports and a Facebook post from his reported partner, the Norwegian YouTuber known as “apetor,” whose real name is Tor Eckhoff, died after he fell into an ice lake while on a trip to shoot a video.

According to the Norwegian news source Verdans Gang, an American-born Norwegian died on Saturday after he fell into the water at Jakobs Dam near Kongsberg on Friday. He was 57 years old.

Eckhoff, a well-known YouTuber who has more than 1.2 million followers and 389 million views on YouTube, posted videos of his adventures in Norway, frequently skating on frozen lakes and showcasing animal encounters and picturesque landscapes.

Eckhoff’s most recent video, which was posted on November 22, is titled “I am Not Dead, I am 57 Today,” and it’s written in English. Over the last five years since he was 53, Eckhoff has uploaded a birthday video with a similar name to commemorate his age.

According to Verdens Gang, Eckhoff lived with Tove Skjerven, who stated in a Facebook post on the “apetor” page on Sunday that Eckhoff was going on a vacation to film himself ice skating for a video.

Skjerven wrote in the blog, which is in English, that divers rescued Eckhoff from the cold water and took him to a hospital. Despite efforts to save his life, he died on Saturday after doctors “turned off all the machines that had kept your body going,” Skjerven wrote.

On Saturday, police in Norway’s South-East Police District said that firefighters had rescued a man in his 50s from Kongsberg who had fallen through the ice into the water and that a rescue helicopter was transporting him to Ullevål hospital.

The South-East Police District declined to answer questions, stating that it is “unable to discuss an ongoing investigation.”

In his “About” section on his YouTube channel, Eckhoff stated that he was born in 1964, resides in the coastal city of Sandefjord, and works as a painter. He claimed to have gained 200,000 subscribers in August 2018 and 1 million followers last December, according to the page. According to the profile, the channel was established in October 2006; only a year after 2005 when the platform opened.

In his most recent video, which has been viewed over 1 million times and liked 57,000 times, Eckhoff joyfully guzzled alcohol while strolling around outside kissing a tree and lying in a tub of murky water. People are mourning him by commenting that they’re remembering all the time they spent watching his videos and hoping he “rests in peace.”

Skjerven was also well-known on Instagram, where he had 66,000 followers and posted images from his travels. Skjerven did not respond to a request for comment.

Our hearts go out to the friends and family of apetor, who passed away tragically this weekend. our thoughts are with you in this difficult time.

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Customers were defrauded by the Chanel advent calendar.

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TikTok users have exposed the low-cost items that Chanel included in their advent calendar.

Customers were defrauded by the Chanel advent calendar. Tiktok users have exposed the low-cost items that Chanel included in their 2021 advent calendar. Over the past few days, TikTok videos have been surfacing of the Coco Chanel advent calendar, a calendar that’s worth over $800. Although, the gifts included have not been equalling to a value of $800.

A TikTok user, @eliseharmon shared videos of her opening the product, only to be disappointed. Each video she has shared have reached over 7 million views, while the numbers are increasing.

She found that the majority of the items were low-cost and not worth the $800 price tag. Items included in the advent calendar are; a plastic bracelet made with cheap string, stickers, temporary tattoos, and more stickers.

The only valuable items to be shown are 2 red lipsticks and 1 nail polish.

Fans have now taken it upon themselves to call out to Chanel, demanding refunds and telling them they need to release a better advent calendar. Over the past two days, Chanel received intense backlash through TikTok and deleted their account. Throughout Instagram, backlash comments are on the rise.

Chanel has yet to make a comment on the products and the videos that’ve been released.  Although, they continue to try and monitor comments through Instagram, and are trying to delete them as they roll in.

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